Diamonds are very low intrinsic value, even fine gem stones. A cartel maintains a false market price by corporate war, dumping of excess production, and assorted market frauds like “Investment” Diamonds. They produce too much even to process it all as diamond grit for grinding and polishing.
Perfect stones can be made easily by vacuum deposition. You can diamond coat things by burning polystyrene under laboratory conditions, a moderately well equipped high school science lab can do it. Diamond is a poor conductor, so you can use it in some fun mad engineering projects.
When the economy collapsed, no, not that time, nor that, back in the 1929 Share Market collapse,to keep the price of diamonds high, they took barrels of them out into the North Sea and dumped them. Sometimes they were too lazy to properly empty the barrels, so years later some fishermen found valuable trash.
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